The Two Theoretical Extremes of the Market Structure Spectrum Are

question 75

Multiple Choice

The two theoretical extremes of the market structure spectrum are occupied on one end by monopoly and on the other end by:

• A) duopoly.
• B) oligopoly.
• C) perfect competition.
• D) monopolistic competition.

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Definitions:

Diversification

Diversification is the strategy of entering into new markets or creating new products to spread risk and reduce dependence on a single source of income or success.

Command Economy

An economic system wherein the government or central authority makes all decisions regarding the production and distribution of goods and services.

Global South

A term referring to countries primarily located in the Southern Hemisphere, often focusing on regions in Africa, Latin America, Asia, and the Middle East, highlighting developmental and economic disparities.

Newly Industrialized Country

A term referring to countries that are undergoing rapid industrialization and showing signs of transitioning from developing to developed status.